Cambria Hotel in Chandler Sold to Local REIT

Article originally posted on CoStar on August 2, 2023

Concord Hospitality Enterprises sold the Cambria Hotel Phoenix in Chandler Fashion Center sold to a real estate investment trust.

The sale of the 136-room property at 3165 West Frye Road in Chandler, Arizona, to locally based Kingsbury Hospitality REIT I Inc. was brokered by CBRE Hotels, according to a statement from CBRE.

“The Phoenix metro is one of the strongest lodging markets in the country. Our strategic resources and knowledge got this deal across the finish line,” said Jennifer Bergamo, part of the CBRE team that brokered the deal.

The $21.5 million sale marks CBRE’s ninth transaction representing Concord in the last three years.

Another property is scheduled to close in mid-August, bringing totaled sales to around $430 million.

The hotel is near Phoenix Sky Harbor Airport and Phoenix area highway Loop 101, 202 and 303.

Jennifer Bergamo, Ron Danko, and Hana Friedman and Hana Friedman with CBRE Hotels represented the seller and the buyer. Michael Straw and Dylan Brandt with CBRE Hotel Debt & Structured Finance assisted in securing the debt.